Tesla launches Dogecoin payments for merch but there is a catch

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Tesla CEO Elon Musk has announced that Tesla now accepts Dogecoin (DOGE) as payment for company merchandise. DOGE-eligible products in the Tesla Store can be purchased by sending DOGE to Tesla’s Dogecoin Wallet.

Although it accepts DOGE, the company has also clarified that it will not take any other crypto. The company states that it cannot detect assets other than DOGE on its website. The company tells customers that “non-Dogecoin digital assets sent to Tesla will not be returned to the buyer.”

Additionally, items purchased with DOGE “cannot be returned, exchanged, or cancelled.” Tesla considers all sales made through DOGE final and not redeemable for cash.

Dogecoin creator Billy Markus immediately responded to the announcement, rallying the Dogecoin community. “Alright, Dogecoin community, you know what to do”, Markus tweeted.

The community responds quickly. Some tweeted that they had already purchased items using DOGE. Just minutes after the announcement, Twitter user Dogecoin_GER already job a screenshot of his online order stating “Tesla Tequila on its way to Germany!”

Related: Dogecoin creator slams Mozilla for suspending crypto donations

A month ago, Tesla confirmed that it would start accepting DOGE for merchandising. The announcement resulted in a 25% price increase for the coin even at the time. Today, just hours after DOGE payments were implemented, the price of the asset is showing a gain of 18.63%.

In December, the billionaire expressed his thoughts on DOGE by comparing it to Bitcoin. According to Musk, “even though it was created as a silly joke, Dogecoin is better suited for transactions.” He said DOGE is mildly inflationary, which encourages people to spend it rather than use it as a store of value.

Meanwhile, Tesla may not be the only company to start implementing crypto payments this year. A survey conducted by Visa shows that small and medium-sized businesses are also expected to adopt crypto payments in 2022.